Do You Really Need Long-Term Care Insurance?
Hey everyone, it's Marty Becker here, the owner and founder of Atlas Financial Strategies. Today, I want to share with you a personal journey that led me to specialize in asset-based long-term care insurance, guaranteed retirement income, and asset protection.
The Ambulance Calls that Raised Questions
Before I get into it, let me give you some background about myself. I've spent the past 20 years in the fire service, and I'm currently a captain in the St. Louis County Fire Department. But what you might be wondering is what any of this has to do with long-term care insurance and why I consider myself an expert on the subject.
You see, long before I became a captain, I spent many years working as a paramedic on an ambulance, responding to all sorts of medical emergencies. But one type of emergency called for our assistance constantly: nursing homes. We were always there, and it got me thinking.
The Troubling Disparities: Standard of Care and Cleanliness
Despite working in a relatively nice area of St. Louis, I couldn't help but notice the vast difference in the standard of care and cleanliness between various facilities. It troubled me to see people spending their most vulnerable years in some horrific nursing homes while better options were just down the road.
Long-Term Care Planning: The Key to Dignity and Quality of Life
I asked myself why some families allowed their loved ones to end up in such places. Was it purely due to financial reasons? While that may play a role to some extent, I realized that the key factor was long-term care planning.
Medicare's Limitations: The Need for Adequate Coverage
Many people believe that Medicare will cover their long-term care needs, but the truth is, it does not. And while you may have personal funds to cover the expenses for a while, the average cost of a single bedroom in a nursing home is about $9,000 per month. Unless you're incredibly wealthy, your assets will be depleted quickly.
Medicaid Isn't the Perfect Solution Either
On the other hand, trying to hide assets to qualify for Medicaid won't secure the future you want either. Medicaid may come after your estate upon your passing to recoup their expenses. That's when it hit me - long-term care facilities fall into two categories: private pay and Medicaid facilities. Your financial status doesn't solely determine which type you end up in.
The Alarming Statistics: Don't Leave Your Future to Chance
So, do you really need long-term care insurance? The statistics are striking. There's up to a 72% chance that you'll need some form of long-term care assistance in your lifetime, yet less than 30% of Americans have any type of long-term care insurance.
Long-Term Care Insurance: A Lifeline for Your Financial and Emotional Well-Being
Think about it - you have insurance for your home and car, even though the chances of experiencing a major event are far lower. So why not protect yourself from the potentially exorbitant costs of long-term care?
The Truth about Medicare and the Benefits of Long-Term Care Insurance
Here's the truth about Medicare: while it covers the first 21 days of care under specific criteria, you'll have to pay $200 per day from days 21 to 100. After day 100, you're on your own, and you'll likely end up spending down your assets before Medicaid kicks in.
Now, you might be wondering what benefits long-term care insurance can offer. Well, let me tell you - it's not just about financial protection. Having the right policy ensures you retain your independence and dignity by allowing you to choose the right facility for your needs.
For your loved ones, it's emotional protection. Long-term care insurance removes the burden of care from their shoulders, sparing them the mental and physical stress that comes with being a caregiver.
Take Control of Your Future with Long-Term Care Insurance
In conclusion, long-term care insurance is a vital aspect of securing your future and the future of your loved ones. Don't leave it to chance and don't assume Medicare will have you covered. I encourage you to watch the full video, where I dive even deeper into this topic. And if you're ready to take the next step, schedule a short phone call with me. Let's design a customized solution tailored to your needs and ensure you have the peace of mind you deserve.
Remember, long-term care insurance is not just a policy. It's a lifeline that protects your financial and emotional well-being. Let's navigate this journey together, and I'll be there to guide you every step of the way.
Wishing you all the best,
Marty Becker